Key Takeaways
- • Prologis and Gaming and Leisure Properties (GLPI) have agreed to redevelop a former Hollywood Casino site at 777 Hollywood Boulevard in Joliet, Illinois, into a logistics park, according to Chicago Construction News, which reported the definitive agreements on November 2.
- • The planned Class A industrial park spans five buildings totaling more than 3.8 million square feet on 262 acres, to be built in three phases over approximately five years, subject to City of Joliet approval.
- • GLPI will contribute the property to the joint venture in three phases, while Prologis serves as managing member and developer and holds options for the second and third phases.
- • The venture is GLPI's first investment outside gaming real estate, and it gives Prologis control of development execution while later phases remain dependent on future decisions.
- • Prologis shares traded at 116.53 euros on Lang & Schwarz at 14:00 CET on November 13, 2026; municipal review is the immediate next milestone.
Summary
Prolgois and Gaming and Leisure Properties have signed definitive agreements to redevelop a former casino site in Joliet, Illinois, into a large logistics park, according to Chicago Construction News, which reported the deal on November 2. The site, at 777 Hollywood Boulevard, became available after Penn Entertainment moved its Hollywood Casino operations to another Joliet location in September 2025. The 262-acre property sits along Interstate 80, a major freight corridor serving the Chicago region and the broader Midwest logistics market.
The proposed Class A industrial and logistics park is expected to include five buildings totaling more than 3.8 million square feet. Construction is planned in three phases over approximately five years and remains subject to review and approval by the City of Joliet. GLPI will contribute the property to the joint venture in phases. Prologis will act as managing member and developer and holds options over the second and third phases, which keeps later construction stages dependent on future decisions.
For Prologis, the project extends its development pipeline and applies its logistics real estate platform to a large redevelopment site. The lengthy, phased schedule means leasing, construction progress and capital discipline will determine how quickly the project contributes to growth. For GLPI, the venture is its first investment outside gaming real estate, according to the report. GLPI Chairman and CEO Peter Carlino said the partnership would allow the company to monetize its Joliet land while using Prologis's development expertise. Prologis Senior Vice President and Investment Officer Josh Zemon pointed to the site's transportation access and its potential to serve local businesses.
Prologis shares traded at 116.53 euros on Lang & Schwarz at 14:00 CET on Friday, November 13, 2026. The companies plan to work with Joliet officials and the local community during the approval process, which is the immediate next step before construction timing becomes more concrete.
The proposed Class A industrial and logistics park is expected to include five buildings totaling more than 3.8 million square feet. Construction is planned in three phases over approximately five years and remains subject to review and approval by the City of Joliet. GLPI will contribute the property to the joint venture in phases. Prologis will act as managing member and developer and holds options over the second and third phases, which keeps later construction stages dependent on future decisions.
For Prologis, the project extends its development pipeline and applies its logistics real estate platform to a large redevelopment site. The lengthy, phased schedule means leasing, construction progress and capital discipline will determine how quickly the project contributes to growth. For GLPI, the venture is its first investment outside gaming real estate, according to the report. GLPI Chairman and CEO Peter Carlino said the partnership would allow the company to monetize its Joliet land while using Prologis's development expertise. Prologis Senior Vice President and Investment Officer Josh Zemon pointed to the site's transportation access and its potential to serve local businesses.
Prologis shares traded at 116.53 euros on Lang & Schwarz at 14:00 CET on Friday, November 13, 2026. The companies plan to work with Joliet officials and the local community during the approval process, which is the immediate next step before construction timing becomes more concrete.
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